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Blockchain Firm Paxos Announces $300 Million Series D Funding

Paxos, the firm behind the eponymous blockchain infrastructure platform, has announced the completion of…

The post Blockchain Firm Paxos Announces $300 Million Series D Funding appeared first on Coin Journal.

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Paxos, the firm behind the eponymous blockchain infrastructure platform, has announced the completion of a Series D funding round

Paxos yesterday confirmed it had closed a $300 million Series D funding round led by the venture and growth equity investment firm Oak HC/FT. The funding round featured other big names, including PayPal Ventures, Declaration Partners, Liberty City Ventures Senator Investment Group and Mithril Capital. Paxo has now raised over $440 million in the last six months.

“We’re thrilled to announce – we’ve raised $300M in our Series D with a valuation of $2.4 billion, making us one of the fastest growing FinTech start-ups in the world,” the company shared on Twitter.

The blockchain firm has previously worked with several enterprise clients looking to offer crypto products by helping them develop the necessary infrastructure and services. One of its standout partnerships is with PayPal and its subsidiary Venmo. Paxos technology has helped the two companies create the services that allow their customers to trade crypto on the platforms.

Other clients the firm has worked with are Société Générale and Revolut. In addition to building infrastructure, the startup firm also has other services. They include crypto exchange itBit, an equities settlement service adopted by Credit Suisse gold, as well as two stable coins PAX Gold and Paxos Standard, backed by gold and the US dollar, respectively.

Currently valued at around $2.4 billion, the company said it intended to use the funds to facilitate its enterprise-grade infrastructure projects. It also plans to put the funds into expanding operations by improving its platform. There is a probability that the New York firm will also consider acquisitions.

Paxos chief executive Charles Cascarilla revealed that the firm was looking to get about three to five clients of PayPal’s size on board. Speaking to The Block, Carscarilla explained that the company needed to secure the funding because of the number of opportunities on the way and its excellent performance in the last few months.

“Demand for our enterprise solutions has accelerated much faster than we could have anticipated.”

Last week, Paxos received conditional approval from the Office of the Comptroller of the Currency to form a national trust bank. The company is said to be looking beyond the US market as well. It has reportedly sought a licence to set up shop in Singapore and a green light from the Securities and Exchange Commission on the subject of clearing agency registration.

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Source: https://coinjournal.net/news/blockchain-firm-paxos-announces-300-million-series-d-funding/

Blockchain

BitMEX Executives to Face Trial in March 2022

BitMEX’s former executives Arthur Hayes, Benjamin Delo, and Samuel Reed will face trial in March 28th, 2022.

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The executives of the derivatives trading platform – BitMEX – will face trial in March next year. The money laundering case will come 18 months after charges were first filed. The former members of BitMEX can face up to 5 years in prison and a $250,000 fine if found guilty.

The Trio Heads to Trial

Last year, US officials accused the CEO of the company Arthur Hayes, the co-founder Benjamin Delo, and the chief technology officer Samuel Reed of violating the Bank Secrecy Act. Moreover, the members of BitMEX were served with money-laundering charges.

On May 11th – 18 months after the first accusations against them – New York District Judge John Koeltl set the trial date for March 28th, 2022. Furthermore, Gregory Dwyer – BitMEX’s head of business development – also faces charges but will appear in court separately.

Even though the company’s headquarters are in the Seychelles, the US Department of Justice accused BitMEX of failing to apply anti-money laundering procedures while doing business with US-based customers.

Interestingly enough, the ex-CEO of BitMEX – Arthur Hayes – said that the exotic island was a more convenient place for business as it was much easier to bribe Seychelles’ authorities rather than the US ones. The former executives of the cryptocurrency exchange could face a maximum of five years in prison and a $250,000 fine.


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Where Was Arthur Hayes?

Attorney Jessica Greenwood told the court that Hayes has ”discussed a surrender date of April 6th, 2021 in Hawaii.” She added that ”the plan is to notify the Court in advance of that appearance and discuss logistics” around his submission.

As CryptoPotato reported, even after his remote announcement Hayes continued to reside abroad and explained that he would only visit the United States whenever has to face the trial in New York.

In the end, the former BitMEX CEO indeed turned himself in on April 6th, 2021. However, the officials released him on a $10 million bond pending the future court process.

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Source: https://cryptopotato.com/bitmex-executives-to-face-trial-in-march-2022/

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dotmoovs Raises $840,000 From Strategic Investors and Partners

[Press Release – Tallinn, Estonia, 12th May, 2021] dotmoovs, an NFT platform powered by advanced computer vision algorithms has successfully completed a private funding round of $840,000 from notable investors. Amongst the investors are Moonrock Capital, Morningstar Ventures, Spark Digital Capital, Ascensive Assets, Rarestone, Building Blocks, MarketAcross, AU21 and GBV Capital. The sports industry needs […]

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[Press Release – Tallinn, Estonia, 12th May, 2021]

dotmoovs, an NFT platform powered by advanced computer vision algorithms has successfully completed a private funding round of $840,000 from notable investors. Amongst the investors are Moonrock Capital, Morningstar Ventures, Spark Digital Capital, Ascensive Assets, Rarestone, Building Blocks, MarketAcross, AU21 and GBV Capital.

The sports industry needs a solution for giving everyone a real chance to earn from their skills. dotmoovs is designed to bridge the gap between physical and geographic limitations, assessment of skill and finally – monetisation. Our vision is to build a powerful sports platform where everyone can challenge their friends or any other similar skilled players in the World for a challenge in their favourite sport.

“We are proud to have such notable investors joining us in building the first crypto mobile worldwide sports competitive environment. We know they can boost our growth and provide industry specific insight and knowledge which will be a deciding factor for us” said Ricardo Martins Costa, head of growth of dotmoovs.

“Our vision is a robust platform powered by blockchain and a state-of-the-art AI system that can analyse videos of players performing sports challenges in real-time” Ricardo adds.

“Moonrock Capital and Morningstar Ventures have come together to assist in incubating and bringing the dotmoovs project together. We are grateful and honored by the trust shown by dotmoovs’ team to become their official incubators and lead investors. Working closely with the team for some time now, we are highly impressed with their professionalism, expertise, and what they’ve developed so far. We are very excited to see this ambitious and revolutionary project come to life – combining sports, blockchain, and NFTs with dotmoovs’ vision of growth. The level of their supporting technology is not something we see every day. For these reasons, we are thrilled to be a part of dotmoovs’ journey and helping them achieve their vision.” said Simon Dedic, Managing Partner Moonrock Capital, and Danilo Carlucci, CIO Morningstar Ventures.

About dotmoovs

dotmoovs is the first crypto mobile worldwide competitive environment. The platforms allow users to compete with others around the world just by bringing their skills, ambition, and smartphone. dotmoov’s AI-based video referee will assess their performance in real-time. Powered by blockchain technology, sport competition will enable fair challenges and access to unique digital assets.

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Source: https://cryptopotato.com/dotmoovs-raises-840000-from-strategic-investors-and-partners/

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Bitcoin Can Be a ‘Highly Speculative’ Instrument According to the SEC

The US SEC has warned mutual fund investors to be utterly cautious when dealing with Bitcoin as the asset could present high risks.

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The United States Securities and Exchange Commission (SEC) alerted mutual fund investors about the risks in the Bitcoin futures market. The US agency even described the cryptocurrency as a ”highly speculative” asset.

Don’t Ignore the Risks

The price of the primary cryptocurrency skyrocketed during 2020 and continued its rally in the first months of 2021 reaching an ATH of around $65,000 in mid-April.

Consequently, many individuals and mutual fund investors took the opportunity to jump on the Bitcoin bandwagon and allocate their capital to it. However, the US SEC warned market participants to be especially careful when doing so.

The US watchdog advised that even though the digital asset has become very popular and tempting for investors, it still hides its risks as it is volatile and traded in a poorly regulated market. SEC went further calling Bitcoin a ”highly speculative” instrument.

The agency reminded of its primary mission to protect investors and enable fair and efficient markets. It also alarmed that every individual willing to trade with the cryptocurrency ought to investigate thoroughly the matter and keep in mind its risky nature:


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”Protecting investors and assessing the regulatory compliance of these funds is a top priority for staff.”

Additionally, the SEC plans to explore whether the crypto industry is capable of supporting ETFs. In the course of the process, agency officials intend to examine the valuation of assets by funds, analyze the liquidity of the cryptocurrency market, and determine the efficiency of risk management.

Who Else Sounds the Alarm?

The Securities and Exchange Commission is not the only regulator to warn investors of the potential hazards connected to Bitcoin trading.

The UK Financial Conduct Authority was among the first to do so earlier this year. According to the British institution, many of these companies lack regulation and promise high returns. FCA further stated that people dealing with such organizations should be prepared for worst-case scenarios, including losing all of their money.

On the other side of the globe, the New Zealand financial regulator – the FMA – shared a very similar warning. The agency advised investors of the dangers that Bitcoin trading hides and same as the FCA told people that they can lose all their money.

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Source: https://cryptopotato.com/bitcoin-can-be-a-highly-speculative-instrument-according-to-the-sec/

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Canceling a Tesla Order and More: Crypto Community Responds to Elon Musk’s Announcement

After Elon Musk and Tesla shocked the (crypto) world, the community reacts. Tesla lost at least one customer and prominent names showing their disagreement.

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The shocking announcement made by Tesla and its CEO Elon Musk took the cryptocurrency space by storm. The company’s decision to remove BTC as a payment option for its vehicles and services brought prices down and attracted the world’s attention.

Somewhat expectedly, the ever-vocal crypto community was quick to respond, from people canceling their Tesla vehicle orders to others breaching bitcoin’s clean energy mining.

What Happened?

Before heading to the community’s comments, let’s briefly review Musk’s history with bitcoin. It’s has been a rather controversial one, and the past 24 hours only reaffirmed this.

The billionaire used to question BTC’s merits before suddenly changing his tune in early 2021 and regretting not buying any portions years ago. Shortly after, one of the companies he runs, Tesla, bought $1.5 billion in bitcoin – the purchase was in January 2021.

Musk was significantly more positive on the primary cryptocurrency and even defended the move in a Twitter debate against Peter Schiff.


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In the following weeks, Tesla added BTC as a payment method for its electric vehicles and said it would retain the funds in bitcoin instead of converting them into cash.

The relationship between Musk and bitcoin was never better, but then Tesla said it had sold a small portion of its initial investment. The company’s CEO argued that the decision was just to test BTC’s liquidity – a test that the cryptocurrency passed.

Hours ago, Musk made another somewhat controversial announcement saying that Tesla has halted bitcoin payments and cited the asset’s high energy consumption as the reason.

The consequences were immediate as prices fell hard. Bitcoin lost more than $12,000 in a day to a two-month low.

The Crypto Community Reacts

Being one of the most influential people in the modern era and the leader of one of the largest companies, Musk’s announcement caught the attention of pretty much everyone. Aside from traditional media rushing to cover the shockwaves, the crypto community took numerous swings at the billionaire.

Michael Saylor, the CEO of MicroStrategy, who is among the most well-known BTC proponents and may have something to do with Tesla’s initial decision to buy bitcoin, was among the first to respond.

“Ironic because no incremental energy is used in a bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered.” – he wrote.

Anthony Pompliano noted that “this energy story has been debunked over and over again” and added that “75% of miners use renewable energy.” A recent VanEck report actually supported Pomp’s assertion.

Binance’s CEO, Changpeng Zhao, commented: “Elon probably did not research how much energy is required to run other (non-crypto) currencies that Tesla accepts.”

Galaxy Digital’s CEO, Mike Novogratz, opined that Musk’s actions could actually be favorable for bitcoin in the long run as he “is using his considerable influence to push BTC mining towards a greener future.”

Canceling a Tesla Order

The Twitter storm didn’t stop with the executives. Prominent on-chain analyst Willy Woo breached a recent social media conversation between Jack Dorsey and Elon Musk. In it, Tesla’s CEO agreed with a post by Square’s CEO indicating that “bitcoin incentivizes renewable energy.” That was about three weeks before Musk and Tesla halted BTC payments.

Saifedean Ammous, the author of the Bitcoin Standard book, was a bit more critical of Musk, as the following tweet shows:

Another compelling comment came from the popular YouTuber Chris Dunn. He revealed plans and later displayed screenshots of canceling a Tesla Cybertruck order. What made the cancellation even more intriguing was the feedback he left for the company:

“Elon said Tesla will no longer accept bitcoin as payment because it “comes at great cost to the environment.” This is incorrect and disingenuous. I cannot support someone who pumps altcoins to uninformed people on TV, then claims bitcoin is the problem. I hope Elon and Tesla rethink their stance on bitcoin. Until then, please cancel my cybertruck order.”

Following Musk’s announcement, one of the leading cryptocurrency reward companies, Lolli, said they will discontinue giving paybacks for Tesla purchases.

Featured Image Courtesy of Independent

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Source: https://cryptopotato.com/canceling-a-tesla-order-and-more-crypto-community-responds-to-elon-musks-announcement/

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